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4. Richard Lewis Inc pays its employees monthly. The payroll information listed below is for January 2021, the first month of Lewis' fiscal year.

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4. Richard Lewis Inc pays its employees monthly. The payroll information listed below is for January 2021, the first month of Lewis' fiscal year. Assume none of the employees' earnings reached $7,000 during the month. Salaries Federal income taxes to be withheld $80,000 16,000 Federal unemployment tax rate (FUTA) 0.80% State unemployment tax rate (after FUTA deduction) 5.40% Social security tax rate 6.2% Medicare tax rate 1.45% The journal entry to record payroll for the January 2022 pay period will include a debit to payroll tax expense of: 6.. Roy has $4,000,000 of notes payable due on March 11, 2021, which Roy intends to refinance. On January 5, 2017, Roy signed a line of credit agreement to borrow up to $3,500,000 cash on a two-year renewable basis. On the December 31, 2020, balance sheet, Roy should classify:

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